Markets & Finance

Tricon Global Sees Revenues Slimming


Tricon Global (YUM) posted $0.59 vs. $0.80 Q1 EPS on 5.7% lower revenues and expects a slight revenue decline for all of 2001. Prudential cut estimates.

Morgan Stanley sees stabilization in Cisco Systems' (CSCO) North American enterprise market.

Merrill initiated coverage of RF Micro Devices (RFMD) with near-term accumulate, long term buy.

UBS Warburg downgraded Ultramar Diamond Shamrock (UDS) to hold from strong buy and downgraded Sunoco (SUN) to buy from strong buy.

WR Hambrecht upgraded S1 Corp. (SONE) to strong buy from buy. Late Tuesday S1 posted a $0.16 Q1 EBITDA loss vs. a $0.35 loss on a 25% revenue rise and forecast $62M-$65M in Q2 revenues as well as $275M-$285M in 2001 revenues.

Cigna Corp. (CI) posted $1.81 vs. $1.57 Q1 EPS from operations despite a 3.3% revenue drop. JP Morgan downgraded to long-term buy from buy. S&P maintains accumulate.

Salomon upgraded Cabot Microelectronics (CCMP) to buy following recent signals that the bottom is near in the semiconductor industry.

Quanta Services (PWR) posted $0.38 vs. $0.28 Q1 EPS on a 56% revenue rise and sees $0.50-$0.55 Q2 EPS on 8%-12% revenue growth, and sees $2.14-$2.18 2001 EPS on 15%-20% revenue growth. Tucker Anthony reiterates strong buy.

ResMed (RMD) posted $0.24 vs. $0.18 Q3 EPS from operations on a 42% revenue rise. Robertson Stephens upgraded to buy and has a $54 target.

Transaction Systems (TSAI) posted $0.06 (pro forma) vs. $0.05 Q2 EPS on a slight revenue rise and sees $0.12-$0.18 Q3 EPS on $79M-$84M in revenue. The firm says William Fisher will step down as chairman and CEO.

Swift Energy (SFY) posted $0.89 vs. $0.43 Q1 EPS from operations on s 65% revenue rise.

Martha Stewart (MSO) posted $0.13 vs. $0.11 Q1 EPS on a 3% revenue rise and sees $0.10-$0.11 Q2 EPS.

Merrill upgraded Priceline.com (PCLN), Prudential raised its $3 target to $5, and S&P maintains hold. Priceline.com posted a $0.03 Q1 loss (pro forma) on $269.7 million in revenue. The company reaffirmed its earlier projections of a 10%-15% Q2 sequential revenue rise; it expects to report a pro forma operating profit. .

Kodak (EK) sees 5%-7% annual revenue and EPS growth once the economic downturn ends. The company reiterated its $1.00-$1.30 Q2 EPS forecast.

Alpha Industries (AHAA) posted $0.08 vs. $0.11 Q4 EPS on 7% revenue decline. Alpha expects Q1 revenues in the range of $32-$35 million and a loss per share of $0.08-$0.11.

WR Hambrecht cut estimates on CNET Networks (CNET). CNET posted an $11.7 million Q1 EBITDA loss vs. $6.7 million EBITDA (pro forma) on a 19% revenue decline. CNET posted a $0.13 Q1 loss vs. $0.02 EPS (adjusted). The company expects a $12-$20 million Q2 EBITDA loss and a $29-$55 million 2001 loss.

Sodexho Alliance will acquire all shares of Sodexho Marriott (SDH) it does not already own for $32 per share cash in a $1.079 billion deal.

Quantum DLT Storage (DSS) posted $0.20 vs. $0.14 Q4 EPS despite a 15% revenue decline. The company expects a slight sequential decline in Q2 revenue and EPS from ongoing operations.

Papa John's (PZZA) posted $0.56 vs. $0.45 Q1 EPS on 4.5% higher systemwide same store sales. The company raised 2001 EPS guidance to $1.95-$2.16.

Resmed (RMD) posted $0.24 vs. $0.18 Q3 EPS from operations on a 42% revenue rise.

York Group (YRKG) rejected Wilbert Inc.'s $6.50 per share takeover offer, saying the offer was inadequate.

Imco Recycling (IMR) posted a $0.02 Q1 loss vs. $0.17 EPS on 16% lower revenues and weaker profit margins resulting from greater natural gas costs and lower processing volume.

PSI Tech (PSIT) posted $0.05 vs. $0.16 Q1 EPS as narrowed gross margin offset 4% revenue rise. The company expects a 5%-10% sequential decline in Q2 revenues.

Univision Communications (UVN) posted 11% higher Q1 after tax cash flow, 7% higher EBITDA on 7% revenue rise. The company expects its core TV business revenues in Q2 to grow by 1%-4% and EBITDA to increase to $105-$110 million.

Martha Stewart (MSO) posted $0.13 vs. $0.11 Q1 EPS on a 3% revenue rise. The company sees $0.10-$0.11 Q2 EPS.

AutoNation (AN) posted $0.17 vs. $0.17 Q1 EPS despite a 6.6% revenue drop. The company sees $0.21-$0.23 Q2 EPS and $0.85-$0.90 2001 EPS.

Quanta Services (PWR) posted $0.38 vs. $0.28 Q1 EPS on a 56% revenue rise. Quanta sees Q2 revenue growth of 8%-12% and EPS of $0.50-$0.55 EPS and 2001 revenue growth of 15%-20%and $2.14-$2.18 EPS.

Swift Energy (SFY) posted $0.89 vs. $0.43 Q1 EPS from operations on a 65% revenue rise.

CIGNA Corp. (CI) posted $1.81 vs. $1.57 Q1 EPS from operations despite a 3.3% revenue drop. The company notes a decrease in premiums and fees due to the absence of revenues from interest in Japanese life insurance business.

Fluor Corp. (FLR) posted $0.36 Q1 EPS on $2 billion in revenue from continuing operations. The company sees $0.40-$0.45 Q2 EPS from operations. S&P maintains accumulate.

Gilead Sciences (GILD) submitted a New Drug Application (NDA) to the FDA for marketing approval of tenofovir disoproxil fumarate, an investigational reverse transcriptase inhibitor in development for treatment of HIV.

American Medical (AMMD) received marketing approval from the FDA for its unique antibiotic surface treatment on AMS 700 series penile prostheses.

Bassett Furniture (BSET) expects a 15%-18% Q2 revenue decline. The company says Q2 EPS will be "significantly" impacted by lower levels of sales and production.


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